Westpac closes Woy Woy branch
Westpac is closing its Woy Woy shopfront at 1pm on Friday, March 10.
However, according to the bank, it is not a "closure" but a "co-location".
The Westpac business will move in with St George at 28-30 Blackwall Rd and will re-open from 9:30am on Tuesday, March 14.
Both banks are part of the Westpac Group.
A Westpac Group spokesperson Mr Chris Hicks said: "It's important to clarify that this branch is becoming a co-location."
The co-location had been announced in a media release by Group CEO Mr Peter King in June last year, he said.
Mr King said there was an "ongoing program of co-locations, where select branches are combined, bringing two Westpac Group brands together under one roof".
"Westpac has already co-located 21 branches," he said.
"We are currently reviewing opportunities to co-locate around 100 more branches over the next 18 months.
"The co-location approach enables us to move two branches into one single location in cases where the two buildings are located close together.
"This maintains a physical presence for customers and signals a long-term investment in these communities, while reducing footprint duplication in the same location," Mr King said.
Mr Hicks said: "We currently have more than 35 similar branches across the country, including in Gosford."
Westpac customers have received a letter stating: "We'd like to let you know that the Westpac Woy Woy branch is moving in with the St George Woy Woy branch to a shared space where you'll continue to enjoy great service and banking expertise.
"Both our branches will be available in the one location, meaning we can continue to serve the community and help you with your banking.
"Our team in this new location will continue to support you and are ready to help with your banking.
"Your account details (including your BSB and account number) will remain the same.
"If you have a relationship manager, this arrangement will also remain the same.
"We've enclosed a flyer with information about other ways to bank with us, including online and mobile banking ..."
Last week, Westpac also advised the Finance Sector Union that it would shut down another 20 branches across four states with the loss of 91 jobs.
Union national secretary Ms Julia Angrisano said Westpac had closed large numbers of branches over the past year, abandoning customers and businesses.
"Westpac is brazenly closing branches month after month as a means of propping up profits and bonuses for senior executives," Ms Angrisano said.
She said Westpac recently announced a profit for 2022 of $5.65 billion, up four per cent, with costs down 19 per cent and 2667 jobs cut in 2022.
Ms Angrisano said the recently-announced Senate Inquiry into bank branch closures would examine the impact of the closures in regional Australia.
She acknowledged that Westpac had previously announced the Woy Woy closure, but should pause its regional branch closures until after the Senate inquiry.
Media statement, 17 Feb 2023
Chris Hicks, Westpac Group
Media release, 14 Feb 2023
John Hill, FSU